TL;DR Accounting

16

Jan

Taxes

What Does It Mean When You Sign Your 8879?

https://youtu.be/2ArMgKcUxSU What Does It Mean When You Sign Your 8879? Think back to the last time you had someone (hopefully us) complete your taxes for you. One of the most important steps you had to do for your tax preparer was to sign your 8879. Now, this is important: tax preparers operate under the assumption that you have read and fully understand the 8879. We can do a lot of things for you, but we can’t physically read the 8879 for you. We trust that every person who signs the form would have asked us questions about it if they…

The SECURE Act and What It Means to You

After spending several months languishing in an uncertain fate, the SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement, just squeaked through Congress and a Presidential signature less than 2 weeks before the end of 2019. While the Act contains dozens of provisions, let’s focus on a few major categories, what they do, and why they were included in the Act. Employer Retirement Provisions One of the main focuses of the SECURE Act is to make retirement accounts available to more Americans. Several provisions included in the Act make it less expensive and easier for small businesses…

When are Business & Occupation(B&O) Taxes Due?

https://youtu.be/N3Giny5D4lY When you think of B&O taxes, does it make you think of Washington State taxes? (Personally, it makes me think of the B&O Railroad from Monopoly). It’s important to realize Business & Occupation taxes are not just state taxes but are collected as part of city, county, and state taxes. Read more about the new Surcharge here. City Taxes Cities generally tax businesses on revenue. In the interest of brevity we will center this section around the city of Seattle, which uses the FileLocal website for B&O taxes, though several nearby cities also use the FileLocal website. Seattle businesses…